r/personalfinance

Am I missing something? From everything I have researched a 529 savings plan is not worth it for California residents. Lots of other options that do essentially the same thing without the restrictions. You can’t use it for private school here and the transferability is more restrictive.

I am 21M. In February I took a 401k loan to pay off roughly 13k in debt (motorcycle loan and personal loan 9-10% interest rates) and then sold both the vehicle I bought with the personal loan and the bike. Lost a solid $6k in the bike depreciating. Currently, I owe $13.5k back to my 401k. I have roughly $8k set aside right now available for whatever the best option moving forward is. I have roughly $6-800 in available funds each month right now as well.

My main goal right now is to monitor the housing market and be ready when the opportunity for a house that will grow in value presents itself. Obviously there’s no telling how much time that can take but ideally I can find somewhere before next April.

What my question would be is, what is the most advantageous route for paying back the 401k loan while staying relatively in a position to continue the house search?

So back in 2024 I bought a used car on a $22k loan I've paid off around $7k of it but the car is crapping out. It was my first car I bought on my own so I wasn't sure what I was doing. My credit at the time was around 608 but it's gone up to 627 because I've been making every payment on time. I'm looking at buying a used car for $13k but am unsure how the negative equity will affect my chances. KBB (not very reliable I know) SAYS my current car is worth about $10k, but I'm not sure how any of this works. I'm on disability and making around $1k a month and my monthly payment is around $430 for my current loan. Does anyone have any advice?

I need a cashier's check for my apartment complex by tomorrow. I let some things slide (negligence on my part). I bank with USAA and Robinhood. How do I get a cashier's check? Can I open a bank account, fund it, and get it the same day? Can I go to a credit union?

Even if I had a friend go to the bank and pay him, don't I need it to be in my name? I don't remember the last time I got one, I think it was Navy Federal, and it was at the branch

My fiance and I will be getting married soon, and I'm wondering what we should look at taking advantage of financially as a married couple.

• We both are entering the marriage with zero debt.
• I make about 70% more than him, and it sounds like there may be some tax benefit for that disparate income? We are both fairly high income, so I'm not sure how much of an impact it will have.
• I am also wondering if combining our auto insurance might save us money (we are waiting to hear back from our insurance).
• Unfortunately, both our workplaces charge a penalty if we were to use each other's health insurance since we're both offered those benefits through work.

Outside of these, are there other financial benefits to marriage?

Hi! I’ve been a chase customer for years. I’ve had a debit card and savings acc with them for over 5 years and randomly last month i got a letter in the mail that they are closing my accounts without any real reasoning. I ended up opening a debit card with BOA because i already had a cc with them. My cc has been paid off for a while and over the course of the last few months i almost just about maxed out my limit (3k ish) , i just got a new cc approval for a barclays card with 0 APR for a year for balance transfers so im over over all my accounts to that one. Out of no where, Boa closed my cc yesterday and they aren’t telling me why on the phone and just keep repeating that i’ll get a letter in the mail.

So I’ve just started my path as a Merchant Sailor. My living conditions are that I work 4 months on a ship and am off 4 months. And Repeat.

Basically I’m at sea 8 months of the year, on shore 4, and for those 4 months I live in south east Asia and airbnb 5 star type places for $600-$700 a month.
On the ship I get all my meals and toiletries. I don’t pay rent, bills, nothing. I’m stacking cash during that time.

I don’t think I’ll have the time or bandwidth to deal with real estate when I’m only home for 4 months, so I was thinking of investing everything I make outside of my 4 months living expenses. I’m not against real estate, just don’t know if it’s worth it if I can’t deal with headaches.

I don’t know if it’s important to mention but since someone might ask;
My take home after taxes is around $104,000
My living expenses are probably $15,000
I want to put a little into some private endeavors and the rest into something that helps with retirement in 10-15 years. Call it $80,000 a year to invest maybe?

Any guidance would be greatly appreciated

I’m 22 years old and just completed my freshman year of college, and honestly I’ve been feeling really stressed seeing other people my age already having apartments, careers, money saved up, etc. I know everybody moves at their own pace, but it’s hard not to compare sometimes.

I really want to move into my own place and build stability for myself, but financially I’m not where I want to be yet. I’m currently trying to figure out ways to make passive income or just any extra money on the side while balancing school.

Does anybody have advice on realistic ways to make extra cash as a college student? Whether it’s online work, side hustles, passive income ideas, or things that actually helped you get ahead financially, I’d really appreciate it. I just want to stop feeling so stressed about money and start working toward getting my own spot. The reason why I want my own spot is because the dorms at my school are terrible. I went through months of having no air conditioning and I lived in a 6 floor dorm building so it was incredibly hot. Our elevator would constantly break all the time, we lost power multiple times in our building and etc.

Hi,

I'm trying to help a friend out with their rent, and I've been researching how to transfer 1k. I've just been thinking of just sending payment over venmo or something, but I'm worried I'll be taxed for a transfer of that size (which I think I might, since it may be a business payment?) Am I right to be worried?

Also, is there just an easier way that I missed? Thanks

Thanks for the responses

edit: thank you to everyone explaining, i did not really understand how checks work (like checks bouncing, and the bank punishing you for cashing a bad check) since the only person i knew who used checks was my dad and he died so i cant ask him unless i do a seance lol

i dont know where else to post this, so i apologize if it doesnt go here. my cat is at the emergency vet right now so i was trying to scrape together any money i could and this person offered me $200. i know its too good to be true and im not going through with it, i just want to understand HOW they could steal money from me in this way? like how could me depositing a fake check in my bank account give them money?

this is how the conversation went since i cant post pictures:

them: I would love to extend a helping hand of $200 if that would help you a little bit more

me: i would really appreciate that, heres my paypal link

them: Actually I only have PayPal and it’s malfunctioning currently right now keep declining payments on it so I can only make payments through my check book right here if that work for you, I hope you know how to deposit check through your mobile banking apps without giving out any of your banking info?
I will send you front and back of the check here this is how you make the deposit go to deposit check on your mobile bank app you will seen an option that allows you to capture front and back check pictures there then send the check pictures to another phone or laptop device to make the capture more easier fo you once you capture the check pictures then click on the submit it will deposited successfully immediately if that is understandable??

I currently work 60-70 hrs a week and max out my 401k at 8% and make $2400-$2800~ after rent and taxes. My family pays for food. I am also in 2 graduate courses per quarter.

For the past year I have been making average $1100 car payments (car payment due was only $518 at 10%) and this June I will be making my final payment! My other monthly bills are a $61 medical bill and $137 car insurance.

I also have graduate loans of $22k at 8.08% unsubsidized government and $21k subsidized government at 0% right now, since I am in school.

My current plan was to aggressively pay $1200 toward my grad loans a month, to finish within two years.

However, my family member is getting married and I’ve paid $1800 to go to this wedding on a 0% credit card (0% ends in October).

I am wondering if it is okay to simply put $500 a month toward the grad loan for a few months while I pay off the vacation at $600 a month. It was definitely a splurge to go on this trip and buy the clothes, etc, but I guess I just… want to live a little. I guess I am looking for people to deinfluence me or let me know do this is an okay plan.

Hey guys I’ve decided that this year I’m going to take investing more serious. I have a brokerage with fidelity. What are the best accounts to have when it comes to investing. Also I’ve been recommended a sep IRA to get a deductible on my taxes.

I have recently had a significant change in my income, but i don’t know how to make the most of it before it stops in 5 years…

So…I went from making about $3800 monthly to $9,000/mo.
I have no idea how to responsibly manage the increase bc I’m a piss poor financial manager and don’t know how/where to turn to for help. I don’t know how to truly stick to a budget or financially prepare for the future…

I am a 35 year old single mom of two, 6 and 7 year old boys. Their dad passed away and so it’s only me, but my parents and grandmother stepped up and help me raise them…so i don’t consider myself a “single mom” per se, because i truly have a village helping me.
I am working to finish my degree and get into law school, i work one day a week for my family’s business, and the rest of my time is spent being a hands on parent to my children.

i haven’t been able to save anything thus far, [like, I have no savings whatsoever]. Plus i’m in pretty significant debt [$51k], and still seemingly scraping by…and it’s scary and embarrassing...

I spent big chunk of the past 6 months’ income on moving 2000 miles back to my hometown, putting down a deposit and 1st month’s rent on a house, and purchasing beds and other big furniture, as well as the linens and housewares, down to new underwear and socks for everyone.
I also had to buy a new (to me) car — all of these seemed to be at one time, so it was a lot but i have nothing left essentially and it’s worrisome.

The chaos has now settled down and it’s time for me to get serious about it.

I want to pay off old debt, improve my [very bad] credit, open a credit card with reasonable interest rate and decent rewards program, and maybe start investing the excess $$ each month. But a big dream of mine is to hopefully be able to buy a house one day (i currently rent). I don’t know where to start for any of this…

Here’s a breakdown of my bills and the closest thing i have to an actual budget…

Income: $9,220.00

Rent: $1850
Water: $55
Power: $130
WiFi: $95
Gas: $150
Car payment: $700
Insurance: $125
Appliance payment: $150
Kids’ sports/camps: $550
Groceries: $1000
School costs: $75
Kids clothes: $100
Dr/medical: $75
Set aside for bdays/holidays/etc: $50

Expenses, monthly: $5,105
Leftover $, monthly: $4,115

Also, for context as to why I’m so ashamed…I have about $51k in total debt:
- $25k is my vehicle
- $20k in student loans (i don’t currently owe on these yet though and some are being forgiven so I’ll only have to pay 50% of that, most likely…)
- $6k in collections (i know, pls be kind…) (old ATT bill, old credit cards for $300-400 each, and a few hospital bills.)

Can anyone point me in the right direction on where to start learning or how to make the most of this extra $?
My goal is to get out of my bad habits, get out of poverty, while building a savings account to help give my kids a leg up in the world.
I like to think I’m smart, but i never had any extra money growing up and as an adult I’ve always lived paycheck-to-3-days-before-my-paycheck.

I use Schwab bank for my checking account, and i know there are some investing options with them as well. But i don’t know anything about stocks or other accounts they offer, besides my basic checking account.

Sorry this is all over, I’m anxious…so please be kind to me, this has been really embarrassing for me to acknowledge.

Needing Financial Advice

Hey guys im 21 years old and in kind of bind with no one to turn for advice. So i became unemployed back around april and around that time me and my roommates had heavy tension in our home cause me to leave with no where to go and sleep in my car for few days. Everything was okay at first because i still was having 2 more paychecks come in so there was no issues making my car payments the only thing was i had to take out a loan to be able to support myself. Ive been looking for a job ever since i lost my previous job but havent had any luck. So obviously I run out and now I have my first repayment coming up literally on the 21st and following that i have my car insurance coming up as well so do i just die now. what realistically could i do. i already know i wouldnt be able to get another loan so really im just searching for the best next step to take

Hello everyone, I'm a 21F in Austin, Texas who's struggling financially.

Context: I went to college but things didn't work out and I dropped out with about 6,000 in debt (on top of an additional ~6,000 in the form of medical and credit card debt that I'm currently paying off). I have full intentions of going back to school, but probably wont be able to afford it until my mid 20's. I have no certifications or licenses. I live with my father and pay no bills or rent. I pay no bills for my car, phone, or 80% of groceries. I'm uninsured on all fronts but dental.

I work part time at a mid-end steakhouse as a host (full time hours are hard to acquire as the restaurant opens at 4). I'm working my way up to serving, which will make me an average of $200 a night. Currently, my total gross monthly income is ~ $1300.

I don't buy many things for myself really. Most of my personal spending is spent on food (eating out after work or delivered when I don't feel like cooking), which equates to about ~$200. I might spend $20 for video game stuff. Personal groceries like makeup and skincare might cost me $50 - $80. I also smoke marijuana, so probably another $80 there. I send $40 - $50 to my houseless sister when I can as well. All in all, upwards $400 in monthly expenses (I know the solution on this end is to eat at home more).

I have no investments, no second forms of income, don't do stocks or anything like that. My body is adverse to heavy and intensive physical labor. I have looked into selling digital products, like notion templates and planners, doing social media, or even walking dogs and house sitting but many of those had startup costs that outweighed the inconsistent financial results.

I feel like I am doing something wrong, or nothing at all which also feels wrong. I want to start making real money but without a degree or internships I don't know what routes to take. Any forms of constructive guidance would be appreciated.

Tl;dr: 21f in Austin, TX needs help making more money. Living at home, no college degree or certifications, ~11k in debt, paying no bills, no degree, no side hustles, one part time job making ~$1,300 a month. Advice and help is appreciated.

Edit: Thank you for all the advice. Second morning job, pay the debts, invest in a stock or two, go back to community, get my life together ❤️ !

Edit 2: By heavy and intensive physical labor I don't mean regular warehouse work, but more so manual labor at construction sites and operating heavy machinery. I work out regularly and I have no physical disabilities or conditions outside of asthma. It is just a personal preference.

My partner and I are 25 and 26 with a 2-year-old daughter and another baby due in December 2026. We currently live with my parents rent-free since their mortgage is paid off, but we cover utilities, pest control, and most groceries. We originally planned to buy a home with a $3,400/month PITI and put 10% down. The plan was for me to work full time once our daughter turned 2 and started daycare, but now that I’m pregnant, I would likely have to leave a full-time job after the baby is born due to limited childcare for infants. We are now leaning toward renting instead. My partner currently brings home about $6,000–6,200/month after taxes, and I bring in about $975/month part time. We also have a $477 car payment with about 3 years left. We have around $58k in savings, with about $51,500 originally planned for the down payment and closing costs. I have a small CalPERS retirement account, and my partner currently has no retirement savings. Rent in our area would likely be around $2,100–2,300/month plus utilities, which would allow us to pay off the car faster and save more. My partner’s long-term goal is to become an owner-operator truck driver (he would do sooner if we rent), which could significantly increase income, but since he would be 1099, we’ve heard qualifying for a mortgage may become more difficult. Renting would also allow me to stay home with our youngest until at least age 2 before returning to full-time work. My biggest concern is being priced out of the housing market in Central California, especially since homes are already difficult to find in the town we want to live in.

Hello, I’m currently 20k in cc debt I haven’t been able to make any progress on them as I pay for many things. Not subscriptions just bills/etc. I can only do minimum on each and interest kills it they all rack up 800+ a month. I want to just get rid of the debt it’s brought my 790 score to a 590 and still going lower. I don’t even approve for anything anymore I’m not sure what to do and I’ve been so stressed over it for many months now.

27 and about to be completely debt free. I have one credit card with a small limit - just gas and groceries. I do not own a home, but hope to in the next few years. With 0 debt I’m nervous about how that will impact my credit score and my ability to buy a home (I do plan on having a mortgage). I’ve read a few articles, but I find they typically reference having multiple CC open. I’m not open to having credit cards just to keep a “healthy” score. Does anyone have any experience or insight about how to approach this?

Also, any insight/advice on how to approach being newly debt free (-mortgage) is appreciated. :)

What's the best place to store blue chip dividend stocks vs speculative/risky portfolio aspects between a Traditional 401K / Roth IRA / Brokerage?

If I'm trying to minimize taxes, but diversify assets, where should I keep allocating money for each type of investment?